McConkey Personal Insurance - Be Educated!

Be informed before you look for a quote!

Personal Automobile Insurance
Auto Liability ▪ Uninsured & Underinsured Motorist ▪ First Party Benefits
Tort Options ▪ Deductibles ▪ Rental/Towing ▪ What helps keep rates low?

Homeowners
Dwelling ▪ Personal Liability ▪ Deductible ▪ Limitations
Don't forget your toys! ▪ If you rent ▪ What helps keep rates low? 

Auto Liability - Start with $100,000 Bodily Injury per person / $300,000 per accident / $100,000 Property Damage.  If your assets, including value of your home, investments, etc. are higher, increase Bodily Injury to $250,000 / $500/000 and/or purchase an Excess Liability ("Umbrella") policy.

Uninsured and Underinsured Motorist - Get a quote for the same amount as your Liability, with Stacking.  Some companies charge more than others for these coverages; if so, consider lower limits or Non-stacked.

First Party Benefits - Medical; Start with $10,000, enough to cover a minor injury sustained in an accident so that you don't have to use health insurance.  Consider higher Medical coverage and Extraordinary Medical if you have teen drivers or over age 65, high health insurance deductibles, etc.  Work Loss; Start with $1,000 a month up to $5,000 unless everyone in your household who works has disability insurance.  Funeral & Accidental Death; Can be inexpensive to add if you don't have much life insurance.

Tort Option - (Pennsylvania Personal Auto only) - Full Tort is better coverage, Limited Tort saves 15% or more, but involves waiving your rights, so consider how you would feel if someone injured you.

Deductibles - Most people have $500 for Collision, $100 or $250 for Other Than Collision / Comprehensive.  On higher value vehicles, consider $1,000 for collision.  Claims are paid based on the Actual Cash Value of your vehicle so if it's over 10 years old or getting worn out, consider dropping collision.

Rental - (Extended Transportation) - If you have a spare car in your household, you don't need it, but if you rely on your car to get to work, consider $40 a day.

Towing - AAA or another "auto club" is easier to use, but $25 or $50 per disablement is inexpensive, and some insurance companies do offer Roadside Assistance.

What helps to keep your rate low? - No violations!  Good credit.  Having Homeowners & other policies with the same insurance company.  A few companies offer renewal discounts for staying with them for many years.
Loss History - Ask your agent how it might affect you before submitting little claims.
Operator Assignments - Young drivers using an older vehicle with no collision coverage may be a lopwer rate than using mom & dad's vehicle.  A student away at college without a car may get a big discount.
Usage - Most companies charge more if you have a long commute to work, less if you work around the block from home.
Driver Training for teens; Defensive Driving class such as "55-Alive" for older drivers
Domestic models generally lower than foreign (due to cost of parts & repairs)
Ask about other less common discounts your company might offer, including New Car, Hybrid Vehicle, AAA member.

If you haven't "shopped" lately, you may be paying too much.  Don't be fooled by a Limited Torte quote from another company if you have Full Torte - always compare "apples to apples".

Dwelling - Insure your home for the full cost to rebuild.  For most homes, your agent or company can calculate an accurate replacement cost based on information you already know.  For high value or custom homes, the insurance company may send an inspector.  The cost to rebuild can be very different from the market value, and construction costs continue to increase even now.  Then be sure you have Extended Replacement coverage on the dwelling.
Other limits on a Homeowners policy are based on a percentage of the Dwelling coverage.  If you have a large detached garage or other outbuildings, or if you have a lot of fine furniture in a small house, you may need to increase Other Structures or Personal Property coverage accordingly.  Be sure you have Replacement Cost on contents.

Personal Liability - Start with $300,000, more if your home or assets are higher value of if you have a swimming pool or trampoline.  Purchase Personal Injury coverage in case you are sued for libel, slander, false arrest, etc.  Also consider an Excess Liability ("Umbrella") policy.

Deductible - No lower than $500, and there may be a significant savings for $1,000 or even $2,500.  Only use your Homeowners insurance when you have major damage, since most companies apply a surcharge, or at least take off any "Loss Free Discount", after Homeowners claims are paid.

Limitations - There are some types of damage like Flood & Earthquake that are not covered, but you can buy coverage.  Other types of damage include Insects, Wear & Tear, War and others are just never covered.  Some types of property are only covered up to a certain dollar limit, which you can increase: Jewelry, Guns, Silver, Money.  You can get better coverage for certain fine arts, antiques, or collectibles by listing them on your policy.

Don't forget your toys! - Boats, Jet Skis, ATVs, Golf Carts, Snowmobiles, Dirt Bikes, your daughter's little Barbie car.  Your Homeowners policy may provide little or no coverage if these items are damaged, even if they are in your garage at the time, and depending on where you use them, you may not have liability coverage.  So tell your agent about all your stuff.

If you rent - Start with $25,000 Contents with Replacement Cost for a small apartment.  Evaluate the cost to replace everything you own and increase accordingly.  A policy including $100,000 Personal liability and with a $250 deductible may cost as little as $125 a year.

What helps keep your rate low? - Burglar alarm, smoke detectors or fire alarm.  Auto insurance with the same company.  Higher deductible.  No claims.  Good credit.  Newer homes usually get a discount compared to older homes.  Some companies may charge more if you have a swimming pool, wood stove, trampoline.  if you own a dog of certain breeds, including Pit Bull, Rottweiler, Doberman and others, you may not be able to get a Homeowners quote from many insurance companies.
Ask about other less common discounts your company might offer, including Home Buyer Discount, Solar power or Geothermal discount, Older owner. 

As with auto insurance, if you haven't "shopped" lately, you may be paying too much.  Be sure all the options quoted are similar to your current policy. 

 

 

Disclosure  I  Privacy  I  Site Map  I  Contact Us  I  More Info